Overview

• BluSmart has halted ride-booking services in Bengaluru, Delhi-NCR, and Mumbai, leaving users unable to schedule rides through its app.
• SEBI's investigation accuses Gensol Engineering, BluSmart's parent company, of diverting funds intended for electric vehicle procurement to personal luxuries and payments to relatives.
• Gensol Engineering fell short of its EV acquisition plan, procuring only 4,704 vehicles out of the 6,400 planned, despite receiving significant government-backed funding.
• BluSmart is phasing out its ride-hailing business to transition into a fleet partner for Uber, with an initial migration of 700–800 electric vehicles underway.
• Operational challenges, including vehicle safety concerns and maintenance issues, have contributed to a 60% drop in BluSmart's daily ride numbers from last year’s peak.